We have seen Long unwinding in Nifty April fut in today’s trading session, after a negative opening Nifty fut witnessed buying & made the high of 9260, in later half due to long unwinding made the low of 9115 & closed at 9138.25. Fresh call writing is seen at 9300, 9400 & 9500 strikes, fresh put writing is seen at 8900, & 9000 strikes. Now Immediate support is at 8900 & next support is at 8500, immediate resistance is at 9500 & second resistance is at 10000 as per Nifty April option’s data.
Today’s Top gainers in Nifty 50 are RELIANCE, BRITNNIA & SUNPAHRMA Today’s Top losers in Nifty 50 are BAJFINANCE, INFRATEL & ZEEL. Today’s best performing sector is NIFTY ENERGY & NIFTY PHARMA. Today’s worst performing sectors are NIFTY REALTY & NIFTY FIN SERVICES.
Primary trend of Nifty fut is down but secondary trend is up, closing below 8835 will make the secondary trends also downward. Now in current scenario it seems that it is making a trading range of 8800 to 9400 & below 8800 Nifty is again weak & can test the levels of 8600 & 8400. Above 9400 it is bullish & can test the levels of 9600 to 9700. The appropriate strategy would be selling near resistance if nifty shows some downside reversal move & buying near support only if nifty shows some upside reversal. Once the support & resistance levels are breached then trade accordingly. Trend deciding level for tomorrow 9100.
Now resistance is placed in the range of 9400 – 9700 & support is placed in the range of 8800-8500.
This content is only for the educational purpose for ICFM Stocks Trading Course Students. This content cannot be considered as a buying or selling recommendation.